Gold Coins from Israel Israel has been issuing its own coins since 1948, but it was not until 1960 that Israel issued its first Gold coins. These Gold coins are legal tender in Israel and have face values based on Israel's currency system. Through 1980, the coins issued by Israel were denominated in Lirot (pounds) and mils, with one pound equaling 100 mils. However, on February 24, 1980, the Israeli coinage system underwent a reform that changed the denominations of coins issued from that point on to 1985. In this reform, the coins were denominated in Sheqalim, or Shekels.
Furthermore, because of the coinage reform, the new system dictated that 10 Old Agorot would equal 1 New Agorah and that 100 New Agorot would equal 1 Sheqel. However, the coinage system once again experienced a reform on September 4, 1985. This reform enacted that coins be denominated in New Sheqalim. Therefore, following this reform, 10 Sheqalim would equal 1 Agorah, and 1,000 Sheqalim would be equivalent to 1 New Sheqel.